Gas Prices

Floor Speech

GAS PRICES -- (Senate - July 24, 2008)

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Mr. ALEXANDER. I thank the Senator from Wyoming for his leadership. As he speaks, it reminds me of how much I wish, instead of our being in a parliamentary position where all we can do is talk, the Democratic leader would put us in a parliamentary position where we can act. I mean, we are prepared to act. We have offered an amendment that has a series of suggestions about how to find more American energy and use less.

We may not be right in every case. But I believe the American people expect us, expect us to take up these issues and debate them and use them, whether it is plug-in electric cars, to use less oil, or, for example, I see the Senator from Alaska is here, whether it is using more of Alaskan energy.

Every time we talk about more American energy, we must think about Alaska because so much energy is there. I wonder if the Senator would not agree, that there is not one way, but a whole series of ways we might change the law to improve our country's security, improve our supply of oil and gas by using Alaskan energy?

Ms. MURKOWSKI. Madam President, I am pleased to respond to the question from the senior Senator from Tennessee.

Alaska is blessed in its abundance of resources, whether it be oil or natural gas, coal, to the timber, to the fisheries, we are absolutely blessed. When it comes to those fossilized fuels, the abundance is extraordinary.

Oftentimes people think we are making up the numbers because they are as substantial as they are. We have the potential in the State of Alaska right now, between our onshore assets and our known offshore reserves, when it comes to oil, of an additional 65 billion barrels of oil coming from the State of Alaska.

There is 390 trillion cubic feet of natural gas from the onshore reserves and, from what we know, from the offshore. Yesterday there were new numbers released from the USGS on the potential for oil and gas in the Arctic region. This was a survey of the entire Arctic, not only Alaska's resources. Of those resources, they indicated, in terms of oil, it is about 90 billion barrels coming out of the Arctic. Of that 90, a full third would be in the area in the waters off of the State of Alaska, so about 30 billion barrels of oil in terms of resource there. What we are talking about, in terms of the potential for Alaska to contribute in a meaningful manner with increased production, is nothing short of dramatic. When we talk about ANWR specifically--and there has been great debate about whether we should open ANWR--keep in mind, we are not allowed to explore.

Mr. ALEXANDER. If I may let the Senator know, we have about 3 minutes remaining and I need 1 of those to make a unanimous consent request.

Ms. MURKOWSKI. I could go on all day talking about Alaska's resources. What I wish to leave Members with is the knowledge that as a mean estimate, we are looking at 10.6 billion barrels of oil out of ANWR. This is not insignificant. We have been providing about close to 20 percent of the Nation's oil for the past 30 years from Prudhoe Bay. We would like the opportunity to continue. We know we have the resource. We have the opportunity. We have the technology, the smarts, the know-how to make it happen and do it right while protecting the environment.

I thank the Senator for his questions and recognizing that Alaska has a great deal to offer us as a nation when it comes to energy independence.

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